(Z1) Gains Considered Corrective

• RES 4: 112.305 High Sep 3
• RES 3: 112.290 High Sep 20
• RES 2: 112.255 High Sep 23 and Oct 5 and key near-term resistance
• RES 1: 112.220 High Oct 14
• PRICE: 112.200 @ 05:17 BST Oct 15
• SUP 1: 112.135 Low Oct 13
• SUP 2: 112.113 1.236 proj of the Sep 20 - 28 - Oct 5 price swing
• SUP 3: 112.110 Congestion support Jun 22 - 28 (cont)
• SUP 4: 112.098 76.4% retracement of the May - Aug uptrend

From a trend perspective, Schatz futures remain in a downtrend. In the short-term however, the contract appears to have entered a corrective phase following the recovery from Wednesday's low. Price has tested the 20-day EMA at 112.215 and a clear break would allow for an extension and open 112.55, a key resistance. On the downside, a resumption of weakness would refocus attention on the bear trigger at 112.135, the Oct 13 low.